London start-up Geniac has received significant financial backing from business advisors Grant Thornton, the parties have announced.
The investment will end up totalling up to £22 million. It will support the growth of a company whose goal is to do the same for others.
Geniac provides a one-stop shop for entrepreneurs looking to scale up – with services ranging from accounting, tax, legal and HR to corporate administration solutions.
It was founded by former Accenture consultants Michael Galvin and Eduardo Martinez, who decided to try and alleviate the administrative burden on entrepreneurs starting and growing a business.
The money will be put towards recruitment in both the London and Glasgow offices. The company is targeting growth of £50 million over the next seven years.
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Co-founder Martinez said that for an entrepreneur trying to turn an idea into a business, “the last thing you need is distraction”.
“Many entrepreneurs don’t know what’s required in establishing and running a business and have to resort to bringing in individual specialists, which is time consuming, expensive and rarely joined up,” he continued.
“We created Geniac to integrate all the specialists and tools a growing business needs, giving business owners complete visibility, peace of mind and the time to get back to doing what they love.”
Mark Cardiff from Grant Thornton called Geniac’s proposition “exciting”.
“Mike and Eduardo have really identified what can hold back small businesses,” he said.
“They have ambitious intentions to level the playing field between large and small businesses, in terms of the quality of support and tools available to small businesses. We got the Geniac idea immediately and just wanted to work with the team, because it helps create a vibrant, dynamic economy.”
Further reading: Five common growing pains for small businesses